Why China Indirectly Controls EV Markets

While Europe has long been at the forefront of the automotive industry, it will most likely be overtaken in the very near future by another economic superpower–China. The world’s second-biggest economy is already well-established as the global leader for the batteries that power electric vehicles, which are seen as a vital component to the future of the automotive industry. In light of this dynamic, Europe will become increasingly dependent on China as an integral part of their automotive sector, an industry with millions of employees across the continent. The European market should start contending with the likely outcome that European car production will soon be making a mass move to China. This will have a major impact on the region that has long counted companies like Volkswagen, BMW, Mercedes-Benz and Renault among its economic strongholds. China produces about two thirds of the whole world’s supply of lithium ion batteries, […]